Shanghai Wumutian Technology Development Co., Ltd. entered a letter of intent to acquire a 60% stake in Shanghai Dongjiang Building Decoration Engineering Co., Ltd. from Shanghai Prosolar Resources Development Co., Ltd (SHSE:600193) for CNY 70.8 million on March 31, 2022. Shanghai Wumutian Technology Development Co., Ltd. shall settle the consideration on cash within 30 days of completion of the transaction. For the year ended December 31, 2021, Shanghai Dongjiang Building Decoration Engineering had reported total assets of approximately CNY 570 million, total common equity of approximately CNY 93.63 million, EBIT of approximately CNY 12.6 million and net income of approximately CNY 9.41 million. Completion is expected within ten days of signing of the equity transfer agreement. As on April 14, 2022, Shanghai Prosolar Resources Development's Shareholders approved the transaction.

Shanghai Wumutian Technology Development Co., Ltd. completed the acquisition of 60% stake in Shanghai Dongjiang Building Decoration Engineering Co., Ltd. from Shanghai Prosolar Resources Development Co., Ltd (SHSE:600193) on August 31, 2022.